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EUR/USD is trading around 1.1466, rebounding after reaching the 1.1450 area. The euro is expected to resume its uptrend in the coming days, as it has touched support levels. If the EUR consolidates above the 2/8 Murray level in the coming hours, this could be seen as a positive sign.
If the euro falls below 1.1450, it could accelerate the downward movement, and we can expect it to reach the 1/8 Murray level around 1.1350.
The Eagle indicator has reached oversold levels, thus a recovery in EUR/USD is likely in the coming days. The instrument could rebound to the 21SMA at 1.1536 and possibly even the 200 EMA around 1.1621.
A decisive break above the downtrend channel formed since March 24 could be a positive signal to buy the euro in the coming days if it consolidates above the psychological level of 1.1500.
Given that the Eagle indicator is showing a positive signal, we will look for opportunities to buy in the coming hours above 1.1450, with targets at 1.1474, 1.1508, 1.1536, and finally at the 3/8 Murray level around 1.1596.
The euro has significant support that it reached on March 19 and again on March 30 around 1.1434, and it could form a double bottom pattern with upside potential.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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